Canadian Dollar Hits One-Month High on Crude Oil Advance

The loonie posted the third day of advances against its U.S. counterpart as the crude oil, one of the main country’s exports, advanced today, boosting demand for the Canadian currency.

The Canadian dollar has been one of the best performing currencies this week, as stocks and commodities rebounded thanks to a renewed risk appetite among traders, favoring the high-yielding profile of the loonie. The greenback may continue to loose further versus its Canadian counterpart if the demand for commodities continues on the rise, increasing attractiveness for the commodity-linked Canadian currency.

USD/CAD fell to 1.1125 from a previous rate of 1.1365 in the intraday comparison.

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